Financial Performance - Total revenue for fiscal 2024 was $681.8 million, a decline of 23.4% from $890.6 million in fiscal 2023[205]. - Domestic revenue decreased by $95.8 million, or 22.4%, while international revenue declined by $112.9 million, or 24.4%[205]. - Gross profit for fiscal 2024 was $142.4 million, with a gross margin of 20.9%, compared to $196.4 million and 22.0% in fiscal 2023[215]. - Operating loss for fiscal 2024 was $103.0 million, with an operating margin of (15.1)%, compared to a loss of $264.1 million and (29.7)% in fiscal 2023[215]. - GAAP Net Loss for fiscal 2024 was $(145,518,000), down from $(304,710,000) in fiscal 2023, reflecting a decrease of 52.3%[225]. - Non-GAAP Net Loss for fiscal 2024 was $(162,519,000), compared to $(214,047,000) in fiscal 2023, indicating a reduction of 24.1%[225]. - Total operating loss for fiscal 2023 was $264.1 million, while the operating loss for fiscal 2024 was reduced to $103.0 million, despite a revenue decline of 23%[355][356]. Cost Management - The operational restructuring plan resulted in a total reduction of $126.4 million in operating expenses for fiscal 2024 compared to the prior fiscal year[208]. - Research and development expenses for fiscal 2024 were $93.3 million, a decrease from $143.5 million in fiscal 2023, reflecting the company's operational restructuring plan[257]. - Selling and marketing expenses for fiscal 2024 were $138.8 million, down from $199.3 million in fiscal 2023, indicating cost-cutting measures in response to declining revenue[255]. - General and administrative expenses decreased by $121.2 million, or 116.4%, to ($17.1) million in fiscal 2024, which is (2.5)% of revenue, down from 11.7% in fiscal 2023[267]. - Restructuring and other expenses increased by $25.8 million, or 315.8%, to $33.9 million in fiscal 2024, representing 5.0% of revenue, compared to 0.9% in fiscal 2023[270]. Workforce and Restructuring - The company initiated a workforce reduction of approximately 440 employees, representing 40% of its global workforce as of December 30, 2023[208]. - A restructuring plan was implemented, resulting in a workforce reduction of approximately 440 employees, or 40% of the global workforce[356]. - The operational restructuring plan initiated in January 2024 aims to drive profitability through workforce reduction and targeted marketing expenditures[261]. Product Development and Market Strategy - The company launched new products including the Roomba Combo Essential and Roomba Combo 10 Max, enhancing cleaning capabilities and accessibility[204]. - The company expects to participate more fully in the robotic floorcare market segment with new product launches planned for 2025[205]. - The company plans to continue investing in software intelligence and robotics to enhance product offerings and address emerging market trends[257]. - The company announced the largest product launch in its history on March 11, 2025, with expectations of margin-accretive new products supporting year-over-year revenue growth[302]. Cash Flow and Liquidity - Cash and cash equivalents as of December 28, 2024, totaled $134.3 million, down from $185.1 million a year ago[300]. - Net cash used in operating activities for fiscal 2024 was $33.2 million, driven by a net loss of $145.5 million, partially offset by non-cash charges of $78.6 million[286]. - The company has an outstanding term loan of $200.6 million as of December 28, 2024, with a maturity date of July 24, 2026[301]. - The company anticipates improved cash flow from operations driven by the new product launch and restructuring actions[360]. Going Concern and Strategic Review - There is substantial doubt about the company's ability to continue as a going concern due to potential reduced demand and challenging macroeconomic conditions[304]. - The auditor's report expresses substantial doubt about the company's ability to continue as a going concern, resulting in a breach of the Going Concern Covenant[305]. - The iRobot Board of Directors has initiated a formal strategic review to explore potential sales or refinancing options for the Company's debt[366]. Inventory and Allowances - Inventory was reduced to $76.0 million as of December 28, 2024, compared to $152.5 million a year ago, reflecting careful management to align with near-term revenue expectations[300]. - The allowance for product returns as of December 28, 2024, was recorded at $14.6 million, reflecting management's expectations based on historical data[332]. - The allowance for product returns decreased to $14.6 million as of December 28, 2024, from $24.7 million as of December 30, 2023[374].

Core Insights - iRobot Corp. has appointed Neal P. Goldman as an independent director, expanding its Board of Directors to nine members, with eight being independent [1][3] - Goldman brings extensive experience in strategic planning, financial management, and corporate turnaround consulting, having previously managed over $12 billion in assets [2][3] - The appointment is seen as crucial for iRobot's "Elevate" strategy, aimed at reclaiming its position as a leader in consumer robotics [3] Company Overview - iRobot is a global leader in consumer robots, known for its innovative products, including the Roomba vacuum, which has sold over 50 million units worldwide since its introduction in 2002 [4] - The company focuses on developing robots and smart home devices that enhance home maintenance and health [4]

Continues to Make Progress on "iRobot Elevate" Strategy Board of Directors Initiates Review of Strategic AlternativesBEDFORD, Mass., March 12, 2025 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the fourth quarter and full year ended December 28, 2024."2024 was a transformational year for iRobot, marked by the continued and successful execution of our five-point iRobot Elevate turnaround strategy as we've meaningfully reduced operating los ...

Core Insights - iRobot Corp. has launched its largest and most comprehensive lineup of Roomba vacuums and 2-in-1 vacuums and mops in its 35-year history, featuring advanced technology and innovative designs [2][3] - The new product lineup emphasizes improved suction, navigation, and mopping capabilities, with features such as ClearView™ Lidar Navigation and PrecisionVision™ AI Technology [2][3] - A significant marketing campaign will accompany the launch, promoting the new products with the tagline "Roomba. Made for This" across various platforms [4] Product Features - The 2025 lineup includes models such as the Roomba® 105 Vac Robot series with 70 times more power-lifting suction, the Roomba® 205 DustCompactor™ Vac Robot, and the Roomba® Plus 505 Combo Robot with PerfectEdge® Technology [3][5] - All new robots feature automatic carpet detection, object sensing and avoidance, and a maintenance-free dock for enhanced user convenience [2][3] - The robots are designed with modern aesthetics to fit seamlessly into home environments, utilizing warm colors and approachable materials [4] Availability and Marketing - The new Roomba robots will be available for pre-order starting March 18, 2025, in North America and select European markets, with retail introductions beginning on March 23, 2025 [5] - The marketing strategy includes new advertising across television, digital platforms, and social media, along with updated packaging to highlight key product features [4] Company Background - iRobot is a global leader in consumer robotics, having sold over 50 million robots since the introduction of the first Roomba in 2002 [6][7] - The company focuses on creating intelligent home innovations that enhance the quality of life for consumers [6]

Core Insights - iRobot Corporation (IRBT) is positioned to benefit from its innovation capabilities, expansionary vision, operational initiatives, and manufacturing in China and Malaysia, along with an increase in direct-to-consumer sales [1] - The company has a diverse product portfolio, with 78% of total robot revenues in the first three quarters coming from premium and mid-tier robots, and continues to focus on product innovation [2] - iRobot aims to expand its recurring revenue sources and enhance brand awareness through traditional retail partners and online platforms, which is expected to boost product demand [3] Financial Performance - In the first nine months of 2024, iRobot recorded an operating loss of $41.9 million, resulting in an operating margin of (8.2%), with expectations of an operating loss between $84 million and $75 million for the year [6] - The company's shares have gained 11.2% over the past year, aligning with industry performance [4] Market Position - iRobot's international presence exposes it to risks from adverse currency fluctuations, particularly with a strengthening U.S. dollar impacting pricing and profit margins outside the United States [7]

Core Points - iRobot Corp. will host its fourth-quarter and full-year 2024 earnings conference call on March 12, 2025 [1] - The earnings press release will be available on the company's investor relations website prior to the call [1] - iRobot has sold over 50 million robots globally since the introduction of the first Roomba in 2002 [3] Conference Call Details - The conference call is scheduled for March 12 at 8:30 a.m. ET [2] - Call-in numbers are provided for participants, including an alternate number [2] - A live webcast and an archived version of the call will be accessible online [2] Company Overview - iRobot is a global leader in consumer robots, focusing on innovative home solutions [3] - The company specializes in cleaning, mapping, and navigation technologies [3] - iRobot aims to enhance home maintenance and health through its products [3]

Financial Performance - iRobot's shares dropped 21.7% to $8.18 after reporting preliminary Q4 2024 results, missing guidance [1] - Q4 2024 revenue expected to be approximately $171 million, below the previously anticipated range of $175–$200 million [1][4] - GAAP operating loss projected at $59 million, higher than the earlier estimate of $34–$43 million [1][4] - Non-GAAP operating loss expected to be $47 million, exceeding the prior range of $22–$31 million [1][4] - Cash and cash equivalents expected to be $134 million at the end of 2024 [4] Operational Challenges - Soft demand for solo and other products, along with unfavorable pricing adjustments, negatively impacting revenue [2] - Higher-than-expected seasonal promotional expenditures and an $8 million non-recurring charge adversely affected gross margin and operating loss [10] - Cost headwinds weighing on operating margin performance [2] Future Outlook - iRobot anticipates top-line growth in 2025, driven by new product introductions [8] - Stronger performance expected in the second half of 2025 compared to the first half, supported by an expanded product lineup [8] - Improved margins and profitability anticipated in 2025 due to lower product costs and reduced development timelines [8] Market and Industry Comparison - iRobot's shares increased 0.1% over the past three months, significantly underperforming the industry's 27.9% growth [5] - The company has a market capitalization of approximately $250 million and carries a Zacks Rank 3 (Hold) [6] Other Companies' Performance - Generac Holdings (GNRC) has a Zacks Rank of 2, with a trailing four-quarter average earnings surprise of 10.8% [3] - Graham Corporation (GHM) sports a Zacks Rank 1 (Strong Buy) and delivered a trailing four-quarter average earnings surprise of 101.9% [7] - Applied Industrial Technologies (AIT) carries a Zacks Rank 2 (Buy) with a trailing four-quarter average earnings surprise of 4.8% [7]

Core Insights - iRobot Corp. has appointed Kevin Lanouette as Senior Vice President and General Counsel, effective January 17, 2025, succeeding Tonya Drake, who will transition to an advisory role until March 7, 2025 [1][2] Company Leadership Transition - Gary Cohen, iRobot CEO, expressed gratitude for Tonya Drake's service, highlighting her exemplary legacy in protecting the company and its brand [2] - Kevin Lanouette brings extensive legal experience, particularly in corporate and securities law, commercial matters, M&A, and IP protection, which will support iRobot's strategic initiatives and goals for profitable growth [2][3] Kevin Lanouette's Background - Prior to joining iRobot, Lanouette was a Partner at OutsideGC, specializing in strategic legal counsel across various industries, including technology and healthcare [3] - He served as Assistant General Counsel at Analog Devices, Inc. from 2006 to 2020, overseeing critical legal functions such as corporate governance, SEC matters, IP licensing, and global commercial transactions [3][4] Company Overview - iRobot is a global leader in consumer robotics, known for its innovative products, including the Roomba robot vacuum, which was first introduced in 2002 [5] - The company has sold over 50 million robots worldwide and focuses on technologies in cleaning, mapping, and navigation to enhance home maintenance and health [5]

Company Overview - iRobot Corporation (IRBT) shares increased by 24.7% to close at $9.91, following a notable trading volume that exceeded typical levels, contrasting with a 7.5% loss over the past four weeks [1] - The company is experiencing optimism due to investments in higher-value robotics, machine learning, and complex mechanical design, supported by solid product offerings and innovation capabilities [2] Financial Performance - iRobot is expected to report a quarterly loss of $1.45 per share, reflecting a year-over-year change of +20.3%, while revenues are projected to be $190.68 million, down 38% from the same quarter last year [2] - The consensus EPS estimate for iRobot has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - iRobot operates within the Zacks Industrial Automation and Robotics industry, where another company, Fanuc Corp. (FANUY), closed the last trading session at $13.18, with a slight increase of 0.8% [4] - Fanuc's consensus EPS estimate has also remained unchanged at $0.11, representing a year-over-year change of -8.3% [5]

BEDFORD, Mass., Dec. 3, 2024 /PRNewswire/ -- iRobot Corporation (NASDAQ: IRBT), a leader in consumer robots, today announced that the company's management team will present at the following investor conferences:Raymond James TMT and Consumer ConferenceDate: Monday, December 9, 2024Location: New York, NYPresentation: 3:00 p.m. ETICR Conference 2025Date: Monday, January 13, 2025Location: Orlando, FLPresentation: 2:30 p.m. ET27th Annual Needham Growth ConferenceDate: Wednesday, January 15, 2025Location: New Yo ...